URSA Major Minerals Incorporated
TSX : UMJ

URSA Major Minerals Incorporated

November 29, 2006 14:03 ET

URSA Major Minerals Incorporated Acquires Nickel-Copper Property on Worthington Offset Dike, Sudbury Area, Ontario

TORONTO, ONTARIO--(CCNMatthews - Nov. 29, 2006) -

This press release is not for distribution to any U.S. news wire service or for dissemination in the United States.

URSA Major Minerals Incorporated (URSA Major)(TSX VENTURE:UMJ) announces that the company has signed an option agreement to acquire a 100% interest in a nickel-copper exploration property on the Worthington Offset Dike, located in Lorne Township, 40 km west of Sudbury, Ontario.

URSA Major's option covers 1.2 kilometers of strike length of the Worthington Offset Dike. This dike extends for approximately 12 kilometers from the Sudbury Igneous Complex and is the host to several nickel-copper mines and deposits. Most noteably, the Totten Mine Extension, owned by Companhia Vale de Rio Doce (CVRD) (formerly Inco) is located approximately 6 kilometers northeast of URSA's property on the Worthington offset dike. The Totten Mine Extension contains approximately 10 million tonnes of 1.50% nickel, 2.0% copper and 4.8 grams per tonne of palladium and platinum.

Richard Sutcliffe, URSA Major's President and CEO stated "We are pleased to obtain this property which gives the Company an excellent strategic exploration property on the west side of the Sudbury basin and is only 25 km east of our Shakespeare nickel-copper deposit. Our team looks forward to drill testing this promising target in 2007." The property is located in an area of excellent infrastructure and is accessible from paved roads.

The Worthington Offset Dike property was previously known as the Mystery Offset Dike. The central portion of the dike is an inclusion-bearing quartz diorite that is similar to other mineralized offset dikes in the Sudbury district. Continuous zones of pyrrhotite, chalcopyrite and pentlandite mineralization are present on URSA Major's Worthington offset dike property. On the property, shallow drilling by previous operators returned several mineralized intersections including a 2.62 meter intersection grading 1.26% Nickel, 0.45% Copper and 13.43 g/t platinum group metals plus gold. URSA Major is planning an exploration program that will test the mineralization with drilling down dip and utilize down-hole geophysics to guide further drilling.

The approximately 102 ha (250 acre) patented mining property is being optioned for payments totalling $150,000 and 60,000 shares over a two year period, with a final payment of $187,500. URSA Major is required to complete a $500,000 exploration program within 2 years. The property is subject to a 2% NSR which is held by third parties. The transaction is subject to regulatory approval.

This release was prepared by management of the Company who takes full responsibility for its contents.

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • URSA Major Minerals Incorporated
    Richard Sutcliffe, Ph.D., P.Geo
    President & CEO
    (416) 864-0615
    or
    URSA Major Minerals Incorporated
    Chris Chadder, C.A.
    CFO
    (416) 864-0615
    (416) 864-0620 (FAX)
    or
    URSA Major Minerals Incorporated
    Gus Garisto
    Investor Relations
    Cell : (416) 805-3106
    Email: info@ursamajorminerals.com
    Website: www.ursamajorminerals.com